Tax Attorney Houston Texas Blog

Houston Tax Attorney Keith Cothroll words to live by.

The IRS has issued a new alert about the latest tax scam in which an email which purports to be from them is asking the taxpayer to follow a link in order to get a tax transcript. THE IRS NEVER EMAILS TAXPAYERS DIRECTLY!!!! IT IS A FAKE!! So, be mindful of any emails...

The IRS has made some favorable changes to the Child Tax Credit for 2019 and simplified a credit for other dependents as adult children and your elderly parents. CHILD TAX CREDIT INCREASED TO BENEFIT HIGHER INCOME TAXPAYERS The IRS has increased the AGI phaseout for...

2019 has many changes in store for 401ks and IRA’s. A few of those key changes are: Employees who contribute to a 401k are now limited to $19,000.00 a year from $18,500.00. 401ks: IRA annual contribution limits are increased to $6,000.00 from $5,500.00. The...

As we get nearer to the end of the year and the upcoming tax season next year, it’s really important to talk to you about estimated taxes. If you are paid by w-2 or otherwise have taxes withheld by your employer, then this post is not going to apply to your...

The Tax Cuts and Jobs Act increased the standard deduction from $6,500 to $12,000 for single filers and $13,000 to $24,000 for taxpayers who are married filing jointly rendering the itemized deductions under Schedule A virtually meaningless for most taxpayers. Unless...

The Tax Reform Act of 2017 made some changes to the depreciation rules for businesses. Under certain conditions, a business can deduct all of the depreciable assets of in the year that they place the item in service instead of the usual straight line method or other...

The IRS issued a notice recently (Notice 2018-76) to provide guidelines for taxpayers who wish to deduct entertainment or meals expenses. This notice is temporary until the regulations are written to coincide with the tax law changes made under the Act in 2017....

Have you ever received a 1099C for cancellation of debt and wondered what to do about it? Well, for starters, the reason why you likely got the 1099 C is because you negotiated your credit card down or any other debt that you have for less than what you legally owed...

One of the most popular deductions is the charitable contribution deduction, but the IRS has a lot of rules relating to these deductions. First, the organization that you are claiming a charitable contribution to must be qualified under section 170(c) of the Internal...

What is the Offshore Voluntary Disclosure Program? The Offshore Voluntary Disclosure Program or OVDP is a program designed to allow taxpayers to get relief from exposure to potential criminal liability and/or substantial civil penalties due to a willful failure to...